Your data room is a distinctive due diligence tool that provides organisation, structure, and ease of use for a complex and lengthy process. During M&A capital raising, tenders and other corporate events, there are countless documents that must be reviewed before a decision can be taken. It is time-consuming to look through all the information and it can lead to mistakes.
There are a variety of features that can make reviewing more efficient. One of them is a robust Q&A tool that allows you to add comments or questions and responses to all documents within the data room in real-time. Other security features include fence view as well as screen locking and encryption. These options can help to prevent unauthorised access, and lower the chance that cyberattacks or security breaches could occur when sensitive data leaves the firewall of your company.
Another feature that is essential is the adjustable permission settings, which can be applied based upon role, folder and document level. You may want to restrict the downloading or viewing of spreadsheets to only certain users and allow them to make notes.
If you need more advanced features, you should choose a service that provides customisable security control. For example, iDeals allows you to apply a custom watermark to any document and set up multiple user permissions including ‘view only’ modes, fence view screen blocking remote wipe, and up to eight levels of access control. It also supports multiple languages and comes with redaction built-in.